Tag Archives: TRN

PR Newswire

Locus Unveils ‘ShipFlex’ To Equip Businesses With Flexible & Intelligent Third-Party Delivery

Leave a comment

ShipFlex brings same-day & next-day delivery to enterprises through a simple integration, helping them optimize third-party delivery from order to doorstep.

SAN FRANCISCO, March 21, 2023 /PRNewswire/ — Locus, a global last-mile logistics technology company, announced the launch of ShipFlex, a third-party delivery platform that provides businesses with the flexibility to fully outsource their deliveries to a wide range of delivery carriers. ShipFlex helps businesses expand their reach and achieve break-neck delivery speeds, enabling them to offer same-day and next-day delivery capabilities in new geographies.

Inefficient carrier selection, capacity management, lack of real-time order visibility, etc., are some barriers that can hamper a business’s ability to make quick deliveries. Locus ShipFlex addresses these complexities by automating entire carrier workflows for the optimal price and delivering end-to-end visibility of order-to-doorstep deliveries across in-house, contracted, and outsourced fleets on a single dashboard. The platform also gives businesses access to Locus’ global carrier partners, such as FedEx, RPX Logistics, Loomis Express, Shadowfax, SPL, etc., helping them with their delivery orchestration in an efficient and cost-effective manner.

“ShipFlex is a result of our years of logistics industry experience and customer feedback. Through the integration with our dispatch management platform, ShipFlex will solve industry pain points by streamlining the entire last-mile fulfillment cycle by reducing costs and improving customer experience. ShipFlex is a game-changer for businesses that need fast, predictable deliveries to stay competitive,” said Nishith Rastogi, Founder and CEO of Locus.

Retail businesses like Lulu Group International are adopting Locus ShipFlex to achieve a competitive edge. Here’s what they have to say:

“As customer demand skyrockets, the complexity of managing our carrier network has proven to be a huge optimization opportunity. With Locus’ ShipFlex, we can streamline third-party deliveries with rich carrier integrations, real-time tracking, and more on a single dashboard. This has enabled us to take full control of our third-party order-to-delivery process, operate more efficiently, and ensure timely deliveries, resulting in an enhanced customer experience,” said Shinhas Majeed, Group General Manager – eCommerce at Lulu Group International.

By deploying ShipFlex, businesses can also:

  • Offer same-day and next-day deliveries in the local area.
  • Maintain a branded experience with third-party carriers through customizable end customer-facing tracking pages while maintaining a consistent visibility and delivery experience through 3PLs.
  • Enhanced post-purchase experience through automated SMS and email alerts to notify dispatch teams and customers of SLA breaches in real-time.

For more information, visit Locus ShipFlex.

About Locus

Locus’ order-to-delivery dispatch management software helps enterprises transform their Last-Mile logistics from cost centers to revenue generators through advanced optimization algorithms and intuitive workflow automation. Backed by GIC Singapore, Tiger Global, Qualcomm Ventures, and Falcon Edge, it has helped many global customers across industries – Unilever, Nestle, Bukalapak, The Tata Group, BlueDart, etc. – execute 850+ million deliveries across 30+ countries. Its technology has helped save $275 million in transit costs and offset 10 million kilograms in CO2 emissions while maintaining a 99.5% SLA adherence ratio.

PR Newswire

BEST Inc. Announces Unaudited Fourth Quarter and Fiscal Year 2022 Financial Results

Leave a comment

The Board Has Authorized a Share Repurchase Program

HANGZHOU, China, March 9, 2023 /PRNewswire/ — BEST Inc. (NYSE: BEST) (“BEST” or the “Company”), a leading integrated smart supply chain solutions and logistics services provider in China and Southeast Asia, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2022. The Company also announced that its board of directors has authorized a share repurchase program, under which the Company may repurchase up to US$20 million worth of its outstanding American Depositary Shares over the next 12 months.

Johnny Chou, Founder, Chairman and CEO of BEST, commented, “2022 was a challenging year. The COVID-19 pandemic and its related controls seriously impacted general economy, and was particularly hard for the logistic industry. However, under such severe challenges, we prevailed. In the fourth quarter of 2022, both BEST Freight and BEST Supply Chain Management have significantly improved their gross margins and narrowed their losses. At the same time, BEST Global began to show promising operating trends.

After lifting of COVID pandemic-related controls, we have seen a rapid recovery in general economy and our multiple business lines.  We are confident to deliver a strong growth and financial results in 2023.  In addition, our Board has authorized an up-to-$20M share repurchase program.” 

“During 2022, Best Freight focused heavily on digital transformation, cost reductions and quality improvement.  As a result, our operating efficiency and service quality have significantly improved.  In the fourth quarter, Freight’s gross margin grew by 10.4 percentage points and its net loss was narrowed by 69.3% year over year.”

“For BEST Supply Chain Management, its strong technical know-how and superb service capabilities helped us weather the storm.  Despite COVID-related restrictions throughout the year, BEST Supply Chain Management went above and beyond to make sure we provided our customers with top quality service. As a result, we were rewarded with additional business. Supply Chain Management has added 64 new key account customers in the second half of 2022 and its distribution volume and revenue increased in the fourth quarter by 82.1% and 2.7%, respectively, and gross margin increased to 4.4%, from negative 1.9%, year over year.”

“For BEST Global, with the lifting of COVID-related controls, we quickly adjusted our strategy, and realigned our organization in response to the evolving Southeast Asia market. We greatly elevated our organization’s capabilities, widening our network coverage and significantly improved our service quality.  We also expanded our coverage of small- and medium-sized enterprise customers and the revenue contribution from those customers grew by 13 percentage points to 40.2% in the fourth quarter of 2022, compared with the first quarter of 2022. In addition, we are accelerating our B2B2C and cross border business to provide additional product offerings. We believe this strategic direction will usher in Global’s fast recovery and prompt growth for a much improved gross margin and better cash flow in 2023.”

“We finished 2022 with a much more resilient, streamlined business infrastructure and improved operating efficiency. Our strengths in technology, domestic and global supply chain management as well as logistics services place us in a strong position to deliver a strong profitable growth in 2023 and beyond.” concluded Mr. Chou.

Gloria Fan, BEST’s Chief Financial Officer, added, “While our revenue for the fourth quarter was dampened by the COVID-19 pandemic, the cost control measures we enacted significantly narrowed our Group non-GAAP net loss by 52.4% year over year. We are actively managing our cash and our balance sheet remains healthy. At the end of 2022, we had cash, cash equivalents, restricted cash and short-term investments of RMB3.2 billion, after we used RMB1.4 billion during 2022 to repurchase our Convertible Senior Notes due 2024. Our overarching goal is to achieve ongoing sustainable and profitable growth. In 2023, we expect Freight and Supply Chain Management to become profitable in the second quarter and generate positive cash flow and profitable growth throughout the year, and BEST Global to see profitability in certain countries.”

FINANCIAL HIGHLIGHTS ([1]) 

For the Fourth Quarter Ended December 31, 2022:([2])

  • Revenue was RMB1,981.4 million (US$287.3 million), compared with RMB2,724.9 million in the fourth quarter of 2021. The decrease was primarily due to the wind-down of the BEST UCargo business line and lower Freight and Global volume. Revenue generated from UCargo was approximately RMB952,000 (US$0.1 million), compared with RMB350 million in the same quarter of 2021.
  • Gross Loss was RMB58.5 million (US$8.5 million), compared with RMB228.4 million in the fourth quarter of 2021. The decrease in gross loss was primarily due to improved gross margin from BEST Freight and BEST Supply Chain business lines. Gross Loss Margin was 3.0% for the fourth quarter of 2022, compared with a Gross Loss Margin of 8.4% in the same period of 2021.
  • Net Loss from continuing operations was RMB365.8 million (US$53.0 million), compared with RMB734.1 million in the fourth quarter of 2021. Non-GAAP Net Loss from continuing operations([3])([4]) was RMB338.0 million (US$49.0 million), compared with RMB710.4 million in the fourth quarter of 2021.
  • Diluted loss per ADS([5]) from continuing operations was RMB4.49 (US$0.65), compared with RMB9.07 in the fourth quarter of 2021. Non-GAAP diluted loss per ADS(3)(4) from continuing operations was RMB4.13 (US$0.60), compared with RMB8.77 in the fourth quarter of 2021.
  • EBITDA([6]) from continuing operations was negative RMB324.7 million (US$47.1million), compared with negative RMB658.9 million in the fourth quarter of 2021. Adjusted EBITDA(6) from continuing operations was negative RMB296.9 million (US$43.0 million), compared with negative RMB635.2 million in the fourth quarter of 2021.

For the Fiscal Year Ended December 31, 2022:

  • Revenue was RMB7,744.1 million (US$1,122.8 million), compared with RMB11,425.8 million in 2021. The decrease was primarily due to the wind-down of the BEST UCargo business line and lower Freight and Global volume. Revenue generated from UCargo was approximately RMB36.0 million (US$5.2 million), compared with RMB2,809.1 million in 2021.
  • Gross Loss was RMB263.6 million (US$38.2 million), compared with RMB199.4 million in 2021. The increase in gross loss was primarily due to lower parcel volume from BEST Global business line. Gross Loss Margin was 3.4%, compared with a Gross Loss Margin of 1.7% in 2021.
  • Net Loss from continuing operations was RMB1,464.8 million (US$212.4 million), compared with RMB1,263.9 million in 2021. Non-GAAP Net Loss from continuing operations([7])([8]) was RMB1,380.4 million (US$200.1 million), compared with RMB1,214.8 million in 2021.
  • Diluted loss per ADS([9]) from continuing operations was RMB18.17 (US$2.63), compared with a loss of RMB15.61 in 2021. Non-GAAP diluted loss per ADS(3)(4) from continuing operations was RMB17.09 (US$2.48), compared with a loss of RMB14.98 in 2021.
  • EBITDA([10]) from continuing operations was negative RMB1,266.2 million (US$183.6 million), compared with negative RMB976.2 million in 2021. Adjusted EBITDA(6) from continuing operations was negative RMB1,181.8 million (US$171.3 million), compared with negative RMB927.2 million in 2021.

BUSINESS HIGHLIGHTS([11]) 

BEST Freight – In the fourth quarter of 2022, Freight’s volume decreased by 7.6% year over year, and revenue decreased by 32.0% year over year to approximately RMB1.3 billion. The decrease in Freight revenue was primarily due to the wind-down of UCargo business unit.  The Company remained focused on developing its e-commerce related business, which contributed 21.2% of total volume in the fourth quarter of 2022. Freight’s gross margin was negative 1.3%, representing a 10.4 percentage points improvement from the same period of 2021 as we continued to reduce operating expenses and improve efficiency. For the full year of 2022, Freight’s volume decreased by 6.1% year over year to 8.7 million tonnes. 

BEST UCargo’s operations and financial results are now consolidated with BEST Freight. 

BEST Supply Chain Management – In the fourth quarter of 2022, total revenue for Supply Chain Management increased by 2.7% to RMB500.6 million year over year, and gross margin improved by 6.3 percentage points to 4.4%, narrowing Supply Chain Management’s net loss by RMB60.4 million, or 81.3%. Its distribution volume increased by 82.1% in the fourth quarter, while the total number of orders fulfilled by Cloud OFCs decreased by 15.6% year over year. For the full year of 2022, the distribution volume increased by 53.6% year over year, while the total number of orders fulfilled by Cloud OFCs decreased by 16.6%.  BEST Supply Chain Management’s gross margin for 2022 improved by 2.1 percentage points to 6.1%.

BEST Global – The market in Southeast Asia remained challenging in the fourth quarter of 2022. In the wake of relaxed COVID-19 pandemic control measures in the region, there was a shift in consumer consumption activities from online to offline, which negatively impacted the e-commerce logistics industry. As a result, Global’s parcel volume decreased by 41.8% year over year to 25.4 million in the fourth quarter of 2022. For the full year of 2022, Global’s parcel volume decreased by 19.1% year over year to 121.6 million.

Others

As part of its Strategic Refocusing Program, the Company substantially completed its wind down of the Capital business line in the fourth quarter of 2022.   

Key Operational Metrics

Three Months Ended

% Change YOY

December 31,
2020

December 31,
2021

December 31,

2022

2021 vs
2020

2022 vs
2021

Freight Volume (Tonne in ‘000)

2,623

2,408

2,226

(8.2 %)

(7.6 %)

Global Parcel Volume in
Southeast Asia (in ‘000)

27,891

43,707

25,421

56.7 %

(41.8 %)

Fiscal Year Ended

% Change YoY

December 31,
2020

December 31,
2021

December 31,

2022

2021 vs
2020

2022 vs
2021

Freight Volume (Tonne in ‘000)

8,392

9,218

8,659

9.8 %

(6.1 %)

Global Parcel Volume in
Southeast Asia (in ‘000)

73,585

150,392

121,637

104.4 %

(19.1 %)

FINANCIAL RESULTS ([12]) 

For the Fourth Quarter Ended December 31, 2022:

Revenue

The following table sets forth a breakdown of revenue by business segment for the periods indicated.

Table 1 – Breakdown of Revenue by Business Segment

Three Months Ended

December 31, 2021

December 31, 2022

(In ‘000, except for %)

RMB

% of
Revenue

RMB

US$

% of
Revenue

% Change
YOY

Total Freight

1,854,018

68.1 %

1,261,196

182,856

63.7 %

-32.0 %

  -Freight

1,503,995

55.3 %

1,260,244

182,718

63.6 %

-16.2 %

  -Legacy UCargo

350,023

12.8 %

952

138

0.1 %

-99.7 %

Supply Chain
Management

487,337

17.9 %

500,602

72,580

25.3 %

2.7 %

Global

330,564

12.1 %

195,680

28,371

9.9 %

-40.8 %

Others([13])

52,935

1.9 %

23,917

3,468

1.1 %

-54.8 %

Total Revenue

2,724,854

100.0 %

1,981,395

287,275

100.0 %

-27.3 %
  • Freight Service Revenue was RMB1,261.2 million (US$182.9 million) for the fourth quarter of 2022, compared with RMB1,854.0 million in the same period last year, of which, RMB952,000 and RMB350.0 million were from the legacy UCargo business line, respectively. Freight service revenue, excluding the legacy UCargo business, decreased by 16.2% year over year, primarily due to lower volume and decrease in average selling price per tonne.
  • Supply Chain Management Service Revenue increased by 2.7% year over year to RMB500.6 million (US$72.6 million) for the fourth quarter of 2022 from RMB487.3 million in the same period of 2021, primarily due to newly signed customers with high unit economics, and improved service capability.
  • Global Service Revenue decreased by 40.8% year over year to RMB195.7 million (US$28.4 million) for the fourth quarter of 2022 from RMB330.6 million in the same period of 2021, primarily due to decreased parcel volume.

Cost of Revenue

The following table sets forth a breakdown of cost of revenue by business segment for the periods indicated.

Table 2 – Breakdown of Cost of Revenue by Business Segment

Three Months Ended

% of Revenue
Change

YOY

December 31, 2021

December 31, 2022

(In ‘000, except for %)

RMB

% of
Revenue

RMB

US$

% of
Revenue

Freight

(2,070,840)

111.7 %

(1,277,026)

(185,151)

101.3 %

-10.4 %

Supply Chain
Management

(496,353)

101.9 %

(478,511)

(69,378)

95.6 %

-6.3 %

Global

(346,392)

104.8 %

(264,014)

(38,278)

134.9 %

30.1 %

Others

(39,679)

75.0 %

(20,321)

(2,946)

85.0 %

10.0 %

Total Cost of Revenue

(2,953,264)

108.4 %

(2,039,872)

(295,753)

103.0 %

-5.4 %
  • Cost of Revenue for Freight was RMB1,277.0 million (US$185.2 million), or 101.3% of revenue, in the fourth quarter of 2022. The 10.4% year-over-year decrease in cost of revenue as a percentage of revenue was mainly due to improved operating efficiency and effective cost control measures.
  • Cost of Revenue for Supply Chain Management was RMB478.5 million (US$69.4 million), or 95.6% of revenue, in the fourth quarter of 2022. The 6.3% year-over-year decrease in cost of revenue as a percentage of revenue was primarily due to effective cost control measures and customer structure optimization.
  • Cost of Revenue for Global was RMB264.0 million (US$38.3 million), or 134.9% of revenue, in the fourth quarter of 2022. The 30.1% year-over-year increase in cost of revenue as a percentage of revenue was primarily due to lower parcel volume. 
  • Cost of Revenue for Others was RMB20.3 million (US$2.9 million), or 85.0% of revenue, in the fourth quarter of 2022, representing a 10.0% year-over-year increase.

Gross loss was RMB58.5 million (US$8.5 million) in the fourth quarter of 2022, compared with a gross loss of RMB228.4 million in the fourth quarter of 2021; Gross Margin was negative 3.0%, compared with negative 8.4% in the fourth quarter of 2021.

Operating Expenses

Selling, General and Administrative (“SG&A”) Expenses were RMB263.4 million (US$38.2 million), or 13.3% of revenue in the fourth quarter of 2022, compared with RMB354.8 million, or 13.0% of revenue in the same quarter of 2021. The decrease in the SG&A expenses was primarily due to reduced employee headcount. 

Research and Development Expenses were RMB29.2 million (US$4.2 million), or 1.5% of revenue in the fourth quarter of 2022, compared with RMB50.3 million, or 1.8% of revenue in the fourth quarter of 2021, primarily due to reduced employee headcount.

Share-based Compensation (“SBC”) Expenses included in the cost and expense items above were RMB15.6 million (US$2.3 million) in the fourth quarter of 2022, compared with RMB23.7 million in the same period of 2021. Of the total SBC expenses, RMB0.08 million (US$0.01 million) was allocated to cost of revenue, RMB0.7 million (US$0.1 million) was allocated to selling expenses, RMB13.6 million (US$2.0 million) was allocated to general and administrative expenses, and RMB1.2 million (US$0.2 million) was allocated to research and development expenses.

Net Loss and Non-GAAP Net Loss from continuing operations

Net Loss from continuing operations in the fourth quarter of 2022 was RMB365.8 million (US$53.0 million), compared with RMB734.1 million in the same period of 2021. Excluding SBC expenses and fair value change of equity investments, Non-GAAP Net Loss from continuing operations in the fourth quarter of 2022 was RMB338.0 million (US$49.0 million), compared with RMB710.4 million in the fourth quarter of 2021.

Diluted loss per ADS and Non-GAAP diluted loss per ADS from continuing operations

Diluted loss per ADS from continuing operations in the fourth quarter of 2022 was RMB4.49 (US$0.65), compared with a loss of RMB9.07 in the same period of 2021. Excluding SBC expenses, amortization of intangible assets resulting from business acquisitions and fair value change of equity investments, Non-GAAP diluted loss per ADS from continuing operations in the fourth quarter of 2022 was RMB4.13 (US$0.60), compared with a loss of RMB8.77 in the fourth quarter of 2021. A reconciliation of non-GAAP diluted loss per ADS to diluted loss per ADS is included at the end of this results announcement.

Adjusted EBITDA and Adjusted EBITDA Margin from continuing operations

Adjusted EBITDA from continuing operations in the fourth quarter of 2022 was negative RMB296.9 million (US$43.0 million), compared with negative RMB635.2 million in the same period of 2021. Adjusted EBITDA Margin from continuing operations in the fourth quarter of 2022 was negative 15.0%, compared with negative 23.3% in the same period of 2021.

Capital Expenditures (“CAPEX”)

CAPEX was RMB11.1 million (US$1.6 million) or 0.6% of total revenue in the fourth quarter of 2022, compared with CAPEX of RMB20.6 million, or 0.8% of total revenue in the same period of 2021.

Cash and Cash Equivalents, Restricted Cash and Short-term Investments

As of December 31, 2022, cash and cash equivalents, restricted cash and short-term investments were RMB3.2 billion (US$464.5 million), compared with RMB5.5 billion as of December 31, 2021. In 2022, the Company bought back approximately US$200 million (RMB1.4 billion) aggregate principal amount of its existing Convertible Senior Notes due 2024.

For the Fiscal Year Ended December 31, 2022:

Revenue

The following table sets forth a breakdown of revenue by business segment for the periods indicated.

Table 3 – Breakdown of Revenue by Business Segment

Fiscal Year Ended

December 31, 2021

December 31, 2022

(In ‘000, except for %)

RMB

% of
Revenue

RMB

US$

% of
Revenue

% Change
 YoY

Total Freight

8,244,435

72.2 %

4,888,278

708,734

63.2 %

-40.7 %

  -Freight

5,435,354

47.6 %

4,852,299

703,518

62.8 %

-10.7 %

  -Legacy UCargo

2,809,081

24.6 %

35,979

5,216

0.4 %

-98.7 %

Supply Chain
Management

1,815,104

15.9 %

1,822,075

264,176

23.5 %

0.4 %

Global

1,193,855

10.4 %

916,907

132,939

11.8 %

-23.2 %

Others

172,442

1.5 %

116,812

16,936

1.5 %

-32.3 %

Total Revenue

11,425,836

100.0 %

7,744,072

1,122,785

100.0 %

-32.2 %
  • Freight Service Revenue was RMB4,888.3 million (US$708.7 million) in 2022 compared with RMB8,244.4 million in 2021, of which, RMB36.0 million and RMB2,809.1 million were from the legacy UCargo business line in 2022 and 2021, respectively. Freight service revenue, excluding the legacy UCargo business, decreased by 10.7% year over year, primarily due to lower volume.
  • Supply Chain Management Service Revenue increased by 0.4% year over year to RMB1,822.1 million (US$264.2 million) in 2022 from RMB1,815.1 million in 2021, primarily due to newly signed customers with high unit economics following discontinuation of certain low margin legacy accounts, as well as improved service capability.
  • Global Service Revenue decreased by 23.2% year over year to RMB916.9 million (US$132.9 million) in 2022 from RMB1,193.9 million in 2021, primarily due to decreased parcel volume.

Cost of Revenue

The following table sets forth a breakdown of cost of revenue by business segment for the periods indicated.

Table 4 – Breakdown of Cost of Revenue by Business Segment

Fiscal Year Ended

% of Revenue
Change

YoY

December 31, 2021

December 31, 2022

(In ‘000, except for %)

RMB

% of
Revenue

RMB

US$

% of
Revenue

Freight

(8,506,738)

103.2 %

(5,114,937)

(741,596)

104.6 %

1.4 %

Supply Chain
Management

(1,741,832)

96.0 %

(1,711,818)

(248,190)

93.9 %

-2.1 %

Global

(1,258,511)

105.4 %

(1,081,587)

(156,815)

118.0 %

12.6 %

Others

(118,143)

68.5 %

(99,288)

(14,395)

85.0 %

16.5 %

Total Cost of Revenue

(11,625,224)

101.7 %

(8,007,630)

(1,160,996)

103.4 %

1.7 %
  • Cost of Revenue for Freight was RMB5,114.9 million (US$741.6 million), or 104.6% of revenue in 2022. The 1.4% year-over-year increase in cost of revenue as a percentage of revenue was mainly due to lower volume.
  • Cost of Revenue for Supply Chain Management was RMB1,711.8 million (US$248.2 million), or 93.9% of revenue in 2022. The 2.1% year-over-year decrease in cost of revenue as a percentage of revenue was primarily due to effective cost control measures and customer structure optimization.
  • Cost of Revenue for Global was RMB1,081.6 million (US$156.8 million), or 118.0% of revenue in 2022. The 12.6% year-over-year increase in cost of revenue as a percentage of revenue was primarily due to lower parcel volume.  
  • Cost of Revenue for Others was RMB99.3 million (US$14.4 million), or 85.0% of revenue in 2022, representing a 16.5% year-over-year increase.

Gross loss was RMB263.6 million (US$38.2 million) in 2022, compared with a gross loss of RMB199.4 million in 2021; Gross Margin was negative 3.4%, compared with negative 1.7% in 2021.

Operating Expenses

Selling, General and Administrative (“SG&A”) Expenses were RMB1,127.3 million (US$163.4 million), or 14.6% of revenue in 2022, compared with RMB1,141.7 million, or 10.0% of revenue in 2021 due to reduced employee headcount.

Research and Development Expenses were RMB144.2 million (US$20.9 million), or 1.9% of revenue in 2022, compared with RMB180.2 million, or 1.6% of revenue in 2021 due to reduced employee headcount. 

Share-based Compensation (“SBC”) Expenses included in the cost and expense items above were RMB72.1 million (US$10.5 million) in 2022, compared with RMB107.7 million in 2021. Of the total SBC expenses, RMB0.32 million (US$0.05 million) was allocated to cost of revenue, RMB3.5 million (US$0.5 million) was allocated to selling expenses, RMB63.3 million (US$9.2 million) was allocated to general and administrative expenses, and RMB5.0 million (US$0.7 million) was allocated to research and development expenses.

Net Loss and Non-GAAP Net Loss from continuing operations

Net Loss from continuing operations in 2022 was RMB1,464.8 million (US$212.4 million), compared with RMB1,263.9 million in 2021. Excluding SBC expenses and fair value change of equity investments, Non-GAAP Net Loss from continuing operations in 2022 was RMB1,380.4 million (US$200.1 million), compared with RMB1,214.8 million in 2021.

Diluted loss per ADS and Non-GAAP diluted loss per ADS from continuing operations

Diluted loss per ADS from continuing operations in 2022 was RMB18.17 (US$2.63), compared with a loss of RMB15.61 in 2021. Excluding SBC expenses, amortization of intangible assets resulting from business acquisitions and fair value change of equity investments, Non-GAAP diluted loss per ADS from continuing operations in 2022 was RMB17.09 (US$2.48), compared with a loss of RMB14.98 in 2021. A reconciliation of non-GAAP diluted loss per ADS to diluted loss per ADS is included at the end of this results announcement.

Adjusted EBITDA and Adjusted EBITDA Margin from continuing operations

Adjusted EBITDA from continuing operations in 2022 was negative RMB1,181.8 million (US$171.3 million), compared with negative RMB927.2 million in 2021. Adjusted EBITDA Margin from continuing operations in 2022 was negative 15.3%, compared with negative 8.1% in 2021.

Capital Expenditures (“CAPEX”)

CAPEX was RMB143.3 million (US$20.8 million) or 1.9% of total revenue in 2022, compared with CAPEX of RMB160.0 million, or 1.4% of total revenue in 2021. 

SHARES OUTSTANDING

As of February 28, 2023, the Company had approximately 393.9 million ordinary shares outstanding([14]). Each American Depositary Share represents five (5) Class A ordinary shares.

FINANCIAL GUIDANCE

The Company confirms its guidance for total revenue between RMB 9.0 billion and RMB 9.5 billion for the full year of 2023.

This forecast reflects the Company’s current and preliminary view based on its current business situation and market conditions, which are subject to change.

WEBCAST AND CONFERENCE CALL INFORMATION

The Company will hold a conference call at 8:00 pm U.S. Eastern Time on March 8, 2023 (9:00 am Beijing Time on March 9, 2023), to discuss its financial results and operating performance for the fourth quarter and fiscal year 2022.

Participants may access the call by dialing the following numbers:

United States                                      : +1-888-317-6003

Hong Kong                                          : 800-963976 or +852-5808-1995

Mainland China                                   : 4001-206115

International                                        : +1-412-317-6061

Participant Elite Entry Number           : 1659917

A replay of the conference call will be accessible through March 15, 2023 by dialing the following numbers:

United States                                       : +1-877-344-7529

International                                         : +1-412-317-0088

Replay Access Code                          : 1608887

Please visit the Company’s investor relations website to view the earnings release prior to the conference call. A live and archived webcast of the conference call and a corporate presentation will be available at the same site.

ABOUT BEST INC.

BEST Inc. (NYSE: BEST) is a leading integrated smart supply chain solutions and logistics services provider in China and Southeast Asia. Through its proprietary technology platform and extensive networks, BEST offers a comprehensive set of logistics and value-added services, including freight delivery, supply chain management and global logistics services. BEST’s mission is to empower business and enrich life by leveraging technology and business model innovation to create a smarter, more efficient supply chain. For more information, please visit: http://www.best-inc.com/en/.  

For investor and media inquiries, please contact:

BEST Inc.
Investor relations team                         
ir@best-inc.com

The Piacente Group, Inc.
Helen Wu
Tel: +86-10-6508-0677
E-mail: best@tpg-ir.com

The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail:  best@tpg-ir.com 

SAFE HARBOR STATEMENT

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as BEST’s strategic and operational plans, contain forward-looking statements. BEST may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about BEST’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: BEST’s goals and strategies; BEST’s future business development, results of operations and financial condition; BEST’s ability to maintain and enhance its ecosystem; BEST’s ability to compete effectively; BEST’s ability to continue to innovate, meet evolving market trends, adapt to changing customer demands and maintain its culture of innovation; fluctuations in general economic and business conditions in China and other countries in which BEST operates, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in BEST’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and BEST does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

USE OF NON-GAAP FINANCIAL MEASURES

In evaluating its business, BEST considers and uses non-GAAP measures, such as non-GAAP net loss/income, non-GAAP net loss/income margin, adjusted EBITDA, adjusted EBITDA margin, EBITDA, and non-GAAP Diluted earnings/loss per ADS, as supplemental measures in the evaluation of the Company’s operating results and in the Company’s financial and operational decision-making. The Company believes these non-GAAP financial measures that help identify underlying trends in the Company’s business that could otherwise be distorted by the effect of the expenses and gains that the Company includes in loss from operations and net loss. The Company believes that these non-GAAP financial measures provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of Non-GAAP Measures to the Nearest Comparable GAAP Measures” in the results announcement.

The non-GAAP financial measures are provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors’ overall understanding of the Company’s current financial performance and prospects for the future. These non-GAAP financial measures should be considered in addition to results prepared in accordance with U.S. GAAP, but should not be considered a substitute for, or superior to, U.S. GAAP results. In addition, the Company’s calculation of the non-GAAP financial measures may be different from the calculation used by other companies, and therefore comparability may be limited.

Summary of Unaudited Condensed Consolidated Income Statements

(In Thousands)

Three Months Ended December 31,

Fiscal Year Ended December 31,

2021

2022

2021

2022

RMB

RMB

US$

RMB

RMB

US$

Revenue

Freight

1,854,018

1,261,196

182,856

8,244,435

4,888,278

708,734

-Freight

1,503,995

1,260,244

182,718

5,435,354

4852,299

705,696

-Legacy UCargo

350,023

952

138

2,809,081

35,979

3,038

Supply Chain Management

487,337

500,602

72,580

1,815,104

1,822,075

264,176

Global

330,564

195,680

28,371

1,193,855

916,907

132,939

Others

52,935

23,917

3,468

172,442

116,812

16,936

Total Revenue

2,724,854

1,981,395

287,275

11,425,836

7,744,072

1,122,785

Cost of Revenue

Freight

(2,070,840)

(1,277,026)

(185,151)

(8,506,738)

(5,114,937)

(741,596)

Supply Chain Management

(496,353)

(478,511)

(69,378)

(1,741,832)

(1,711,818)

(248,190)

Global

(346,392)

(264,014)

(38,278)

(1,258,511)

(1,081,587)

(156,815)

Others

(39,679)

(20,321)

(2,946)

(118,143)

(99,288)

(14,395)

Total Cost of Revenue

(2,953,264)

(2,039,872)

(295,753)

(11,625,224)

(8,007,630)

(1,160,996)

Gross Loss

(228,410)

(58,477)

(8,478)

(199,388)

(263,558)

(38,211)

Selling Expenses

(73,021)

(54,621)

(7,919)

(260,219)

(237,918)

(34,495)

General and Administrative
   Expenses

(281,772)

(208,738)

(30,264)

(881,498)

(889,345)

(128,943)

Research and Development
   Expenses

(50,294)

(29,247)

(4,240)

(180,204)

(144,181)

(20,904)

Other operating (loss)/income, net

(89,893)

3,387

491

58,337

108,817

15,777

Loss from Operations

(723,390)

(347,696)

(50,410)

(1,462,972)

(1,426,185)

(206,776)

Interest Income

17,735

19,208

2,785

49,658

80,361

11,651

Interest Expense

(29,310)

(16,329)

(2,367)

(142,751)

(89,058)

(12,912)

Foreign Exchange Gain/(loss)

44,186

68,318

9,905

44,556

(132,730)

(19,244)

Other Income

6,709

2,149

312

321,075

25,914

3,757

Other Expense

(34,657)

(13,815)

(2,003)

(55,253)

5,763

836

(Loss)/Gain on changes in the fair
value of derivative assets/liabilities

(14,918)

(77,577)

(11,248)

(14,918)

71,619

10,384

Loss before Income Tax and
   Share of Net Loss of Equity
   Investees

(733,645)

(365,742)

(53,026)

(1,260,605)

(1,464,316)

(212,304)

Income Tax Expense

(500)

(106)

(15)

(3,198)

(511)

(74)

Loss before Share of Net loss of
   Equity Investees

(734,145)

(365,848)

(53,041)

(1,263,803)

(1,464,827)

(212,378)

Share of Net Loss of Equity
   Investees

–

–

–

(58)

–

–

Net Loss from continuing
   operations

(734,145)

(365,848)

(53,041)

(1,263,861)

(1,464,827)

(212,378)

Net gain/(loss) from discontinued
   operations

2,679,400

(31,787)

(4,609)

1,473,489

(38,464)

(5,577)

Net Gain/(Loss)

1,945,255

(397,635)

(57,650)

209,628

(1,503,291)

(217,955)

Net Loss from continuing operations
   attributable to non-controlling
   interests

(28,727)

(13,055)

(1,893)

(52,279)

(39,980)

(5,797)

Net Gain/(Loss) attributable to
   BEST Inc.

1,973,982

(384,580)

(55,757)

261,907

(1,463,311)

(212,158)

Summary of Unaudited Condensed Consolidated Balance Sheets

(In Thousands)

As of December 31,2021

As of December 31, 2022

RMB

RMB

US$

Assets

Current Assets

Cash and Cash Equivalents

3,571,745

533,481

77,347

Restricted Cash

675,159

399,337

57,898

Accounts and Notes Receivables

827,631

691,324

100,237

Inventories

25,622

16,480

2,389

Prepayments and Other Current
   Assets

1,172,472

795,401

115,322

Short–term Investments

147,359

725,043

105,121

Amounts Due from Related Parties

125,198

76,368

11,072

Lease Rental Receivables

298,364

43,067

6,244

Total Current Assets

6,843,550

3,280,501

475,630

Non–current Assets

Property and Equipment, Net

762,642

784,732

113,775

Intangible Assets, Net

55,684

75,553

10,954

Long–term Investments

219,171

156,859

22,742

Goodwill

54,135

54,135

7,849

Non–current Deposits

92,866

50,767

7,361

Other Non–current Assets

111,640

75,666

10,971

Restricted Cash

1,069,244

1,545,605

224,092

Lease Rental Receivables

235,429

40,188

5,827

Operating Lease Right-of-use
Assets

1,899,522

1,743,798

252,827

Total non–current Assets

4,500,333

4,527,303

656,398

Total Assets

11,343,883

7,807,804

1,132,028

Liabilities and Shareholders’
   Equity

Current Liabilities

Long-term borrowings-current

287,814

79,148

11,475

Convertible Senior Notes held by
   related parties

633,475

1,045,488

151,582

Convertible Senior Notes held by
   third parties

633,475

77

11

Short–term Bank Loans

530,495

183,270

26,572

Accounts and Notes Payable

1,353,150

1,430,004

207,331

Income Tax Payable

587

1,563

227

Customer Advances and Deposits
   and Deferred Revenue

298,353

277,737

40,268

Accrued Expenses and Other
   Liabilities

1,591,639

1,198,228

173,727

Financing Lease Liabilities

1,851

1,490

216

Operating Lease Liabilities

518,248

544,262

78,911

Amounts Due to Related Parties

2,763

1,315

191

Total Current Liabilities

5,851,850

4,762,582

690,511

Summary of Unaudited Condensed Consolidated Balance Sheets (Cont’d)

(In Thousands)

As of December 31, 2021

As of December 31, 2022

RMB

RMB

US$

Non-current Liabilities

Convertible senior notes held by

 related parties

955,097

–

–

Long-term borrowings

67,080

381

55

Operating Lease Liabilities

1,456,843

1,292,057

187,331

Financing Lease Liabilities

2,121

1,392

202

Other Non–current Liabilities

24,261

18,752

2,719

Long-term Bank Loans

769,767

928,894

134,677

Total Non–current Liabilities

3,275,169

2,241,476

324,984

Total Liabilities

9,127,019

7,004,058

1,015,495

Mezzanine Equity:

Convertible Non-controlling Interests

191,865

191,865

27,818

Total mezzanine equity

191,865

191,865

27,818

Shareholders’ Equity

Ordinary Shares

25,988

25,988

3,768

Treasury Shares

(113,031)

–

–

Additional Paid–In Capital

19,522,173

19,481,417

2,824,540

Statutory reserves

167

–

–

Accumulated Deficit

(17,471,716)

(18,934,860)([15])

(2,745,297)

Accumulated Other
   Comprehensive Income

107,379

124,464

18,046

BEST Inc. Shareholders’ Equity

2,070,960

697,009

101,057

Non-controlling Interests

(45,961)

(85,128)

(12,342)

Total Shareholders’ Equity

2,024,999

611,881

88,715

Total Liabilities, Mezzanine Equity
   and Shareholders’ Equity

11,343,883

7,807,804

1,132,028

     Summary of Unaudited Condensed Consolidated Statements of Cash Flows

   (In Thousands)

Three Months Ended December 31,

Fiscal Year Ended December 31,

2021

2022

2021

2022

RMB

RMB

US$

RMB

RMB

US$

Net cash used in continuing
   operating activities

(508,632)

(241,890)

(35,071)

(891,135)

(1,051,662)

(152,478)

Net cash used in discontinued
   operating activities

(387,540)

–

–

(1,912,826)

(66,174)

(9,594)

Net cash used in operating
   activities

(896,172)

(241,890)

(35,071)

(2,803,961)

(1,117,836)

(162,072)

Net cash generated from
   continuing investing activities

3,236,982

239,536

34,729

4,990,734

150,756

21,858

Net cash used in discontinued
   Investing activities

(97,328)

–

–

(448,016)

–

–

Net cash generated from 
   investing activities

3,139,654

239,536

34,729

4,542,718

150,756

21,858

Net cash (used in)/generated
   from continuing financing
   activities

(746,656)

481

70

(237,922)

(1,948,367)

(282,487)

Net cash generated from/(used
   in) discontinued financing
   activities

469,421

–

–

(337,838)

–

–

Net cash (used in)/generated
   from financing activities

(277,235)

481

70

(575,760)

(1,948,367)

(282,487)

Exchange Rate Effect on Cash
   and Cash Equivalents, and
   Restricted Cash

(29,450)

(14,864)

(2,155)

(55,970)

77,722

11,269

Net increase/(decrease) in
   Cash and Cash Equivalents,
   and Restricted Cash

1,936,797

(16,737)

(2,427)

1,107,027

(2,837,725)

(411,432)

Cash and Cash Equivalents,
   and Restricted Cash at
   Beginning of Period

3,379,351

2,495,160

361,764

4,209,121

5,316,148

770,769

Cash and Cash Equivalents,
   and Restricted Cash at End
   of Period

5,316,148

2,478,423

359,337

5,316,148

2,478,423

359,337

RECONCILIATIONS OF NON-GAAP MEASURES TO THE NEAREST COMPARABLE GAAP MEASURES

For the Company’s continuing operations, the table below sets forth a reconciliation of the Company’s net loss to EBITDA, adjusted EBITDA and adjusted EBITDA margin for the periods indicated:

Table 5 – Reconciliation of EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin 

Three Months Ended December 31, 2022

(In RMB’000)

Freight

Supply Chain

Global

Others

Unallocated([16])

Total

Net Loss

(137,133)

(13,939)

(134,200)

(25,378)

(55,198)

(365,848)

Add

Depreciation &
Amortization

19,411

7,492

11,682

847

4,448

43,880

Interest Expense

–

–

–

–

16,329

16,329

Income Tax Expense

–

(12)

(5)

123

–

106

Subtract

Interest Income

–

–

–

–

(19,208)

(19,208)

EBITDA

(117,722)

(6,459)

(122,523)

(24,408)

(53,629)

(324,741)

Add

 Share-based

Compensation
Expenses

2,237

1,259

(235)

25

12,291

15,577

Loss from
depreciation of
investments

–

–

–

–

12,312

12,312

Adjusted EBITDA

(115,485)

(5,200)

(122,758)

(24,383)

(29,026)

(296,852)

Adjusted EBITDA
  Margin

(9.2 %)

(1.0 %)

(62.7 %)

(101.9 %)

–

(15.0 %)

Three Months Ended December 31, 2021

(In RMB’000)

Freight

Supply Chain

Global

Others

Unallocated([17])

Total

Net Loss

(447,057)

(74,380)

(85,518)

(60,046)

(67,144)

(734,145)

Add

Depreciation &
Amortization

19,730

9,431

4,696

23,257

6,058

63,172

Interest Expense

–

–

–

–

29,310

29,310

Income Tax
Expense

–

79

–

421

–

500

Subtract

Interest Income

–

–

–

–

(17,735)

(17,735)

EBITDA

(427,327)

(64,870)

(80,822)

(36,368)

(49,511)

(658,898)

Add

 Share-based

Compensation
Expenses

3,404

1,967

2,066

124

16,173

23,734

Adjusted EBITDA

(423,923)

(62,903)

(78,756)

(36,244)

(33,338)

(635,164)

Adjusted EBITDA
Margin

(22.9 %)

(12.9 %)

（23.8%)

(68.5 %)

–

(23.3 %)

Fiscal Year Ended December 31, 2022

(In RMB’000)

Freight

Supply Chain

Global

Others

Unallocated([18])

Total

Net Loss

(506,411)

(32,277)

(420,687)

(213,794)

(291,658)

(1,464,827)

Add

Depreciation &
Amortization

79,273

35,789

29,300

22,846

22,179

189,387

Interest Expense

–

–

–

–

89,058

89,058

Income Tax
Expense

–

23

25

451

12

511

Subtract

Interest Income

–

–

–

–

(80,361)

(80,361)

EBITDA

(427,138)

3,535

(391,362)

(190,497)

(260,770)

(1,266,232)

Add

 Share-based

Compensation
Expenses

10,478

6,081

4,962

319

50,256

72,096

Loss from
depreciation of
investments

–

–

–

–

12,312

12,312

Adjusted EBITDA

(416,660)

9,616

(386,400)

(190,178)

(198,202)

(1,181,824)

Adjusted EBITDA
Margin

(8.5 %)

0.5 %

(42.1 %)

(162.8 %)

–

(15.3 %)

Fiscal Year Ended December 31, 2021

(In RMB’000)

Freight

Supply Chain

Global

Others

Unallocated([19])

Total

Net Loss

(707,793)

(103,387)

(267,902)

(90,775)

(94,004)

(1,263,861)

Add

Depreciation &
Amortization

83,425

38,525

19,506

24,396

25,513

191,365

Interest Expense

–

–

–

–

142,751

142,751

Income Tax
Expense/(Benefit)

–

173

21

3,010

(6)

3,198

Subtract

Interest Income

–

–

–

–

(49,658)

(49,658)

EBITDA

(624,368)

(64,689)

(248,375)

(63,369)

24,596

(976,205)

Add

 Share-based

Compensation
Expenses

13,537

8,351

8,604

608

76,581

107,681

Subtract

Gain from
appreciation of
investments

–

–

–

–

(58,643)

(58,643)

Adjusted EBITDA

(610,831)

(56,338)

(239,771)

(62,761)

42,534

(927,167)

Adjusted EBITDA
Margin

(7.4 %)

(3.1 %)

(20.1 %)

(36.4 %)

–

(8.1 %)

For the Company’s continuing operations, the table below sets forth a reconciliation of the Company’s net loss to non-GAAP net loss, non-GAAP net loss margin for the periods indicated:

Table 6 – Reconciliation of Non-GAAP Net Loss and Non-GAAP Net Loss Margin

Three Months Ended December 31, 2022

(In RMB’000)

Freight

Supply Chain

Global

Others

Unallocated([20])

Total

Net Loss

(137,133)

(13,939)

(134,200)

(25,378)

(55,198)

(365,848)

Add

 Share-based

Compensation
Expenses

2,237

1,259

(235)

25

12,291

15,577

Loss from
depreciation of
investments

–

–

–

–

12,312

12,312

Non-GAAP Net
    Loss

(134,896)

(12,680)

(134,435)

(25,353)

(30,595)

(337,959)

Non-GAAP Net
    Loss Margin

(10.7 %)

(2.5 %)

(68.7 %)

(106.0 %)

–

(17.1 %)

Three Months Ended December 31, 2021

(In RMB’000)

Freight

Supply Chain

Global

Others

Unallocated([21])

Total

Net Loss

(447,057)

(74,380)

(85,518)

(60,046)

(67,144)

(734,145)

Add

 Share-based

Compensation
Expenses

3,404

1,967

2,066

124

16,173

23,734

Non-GAAP Net

Loss

(443,653)

(72,413)

(83,452)

(59,922)

(50,971)

(710,411)

Non-GAAP Net

Loss Margin

(23.9 %)

(14.9 %)

(25.2 %)

(113.2 %)

–

(26.1 %)

Fiscal Year Ended December 31, 2022

(In RMB’000)

Freight

Supply Chain

Global

Others

Unallocated([22])

Total

Net Loss

(506,411)

(32,277)

(420,687)

(213,794)

(291,658)

(1,464,827)

Add

 Share-based

Compensation
Expenses

10,478

6,081

4,962

319

50,256

72,096

 Loss from
 depreciation of
investments

–

–

–

–

12,312

12,312

Non-GAAP Net

Loss

(495,933)

(26,196)

(415,725)

(213,475)

(229,090)

(1,380,419)

Non-GAAP Net

Loss Margin

(10.1 %)

(1.4 %)

(45.3 %)

(182.8 %)

–

(17.8 %)

Fiscal Year  Ended December 31, 2021

(In RMB’000)

Freight

Supply Chain

Global

Others

Unallocated([23])

Total

Net Loss

(707,793)

(103,387)

(267,902)

(90,775)

(94,004)

(1,263,861)

Add

 Share-based

Compensation
Expenses

13,537

8,351

8,604

608

76,581

107,681

Subtract

Gain from
appreciation of
investments

–

–

–

–

(58,643)

(58,643)

Non-GAAP Net

Loss

(694,256)

(95,036)

(259,298)

(90,167)

(76,066)

(1,214,823)

Non-GAAP Net

Loss Margin

(8.4 %)

(5.2 %)

(21.7 %)

(52.3 %)

–

(10.6 %)

For the Company’s continuing operations, the table below sets forth a reconciliation of the Company’s diluted loss per ADS to Non-GAAP diluted loss per ADS for the periods indicated:

Table 7 – Reconciliation of diluted loss per ADS and Non-GAAP diluted loss per ADS

Three Months Ended December 31,

Fiscal Year Ended December 31,

2022

2022

(In ‘000)

RMB

US$

RMB

US$

Net Loss Attributable to Ordinary Shareholders

(352,793)

(51,148)

(1,424,847)

(206,581)

Add

Share-based Compensation Expenses

15,577

2,258

72,096

10,454

Loss from depreciation of investments

12,312

1,785

12,312

1,785

Non-GAAP Net Loss Attributable to Ordinary
   Shareholders

(324,904)

(47,105)

(1,340,439)

(194,342)

Weighted Average Diluted Ordinary Shares 
   Outstanding During the Quarter

Diluted

393,078,084

393,078,084

392,192,648

392,192,648

Diluted (Non-GAAP)

393,078,084

393,078,084

392,192,648

392,192,648

Diluted loss per ordinary share

(0.90)

(0.13)

(3.63)

(0.53)

Add

Non-GAAP adjustment to net loss per   
   ordinary share

0.07

0.01

0.21

0.03

Non-GAAP diluted loss per ordinary share

(0.83)

(0.12)

(3.42)

(0.50)

Diluted loss per ADS

(4.49)

(0.65)

(18.17)

(2.63)

Add

Non-GAAP adjustment to net loss per ADS

0.36

0.05

1.08

0.15

Non-GAAP diluted loss per ADS

(4.13)

(0.60)

(17.09)

(2.48)

([1]) All numbers presented have been rounded to the nearest integer, tenth, or hundredth, and year over year comparisons are based on figures before rounding.                     

([2]) In December 2021, BEST sold its China express business, the principal terms of which were previously announced. As a result, China express business has been deconsolidated from the Company and its historical financial results are reflected in the Company’s consolidated financial statements as discontinued operations accordingly. The financial information and non-GAAP financial information disclosed in this press release is presented on a continuing operations basis, unless otherwise specifically stated.

([3]) Non-GAAP net income/loss represents net income/loss excluding share-based compensation expenses, amortization of intangible assets resulting from business acquisitions, and fair value change of equity investments (if any).

([4]) See the sections entitled “Use of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Measures to the Nearest Comparable GAAP Measures” for more information about the non-GAAP measures referred to within this results announcement.

([5]) Diluted earnings/loss per ADS, is calculated by dividing net income/loss attributable to ordinary shareholders as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares expressed in ADS outstanding during the period.

([6]) EBITDA represents net income/loss excluding depreciation, amortization, interest expense and income tax expense and minus interest income. Adjusted EBITDA represents EBITDA excluding share-based compensation expenses and fair value change of equity investments (if any).

([7]) Non-GAAP net income/loss represents net income/loss excluding share-based compensation expenses, amortization of intangible assets resulting from business acquisitions, and fair value change of equity investments (if any).

([8]) See the sections entitled “Use of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Measures to the Nearest Comparable GAAP Measures” for more information about the non-GAAP measures referred to within this results announcement.

([9]) Diluted earnings/loss per ADS, is calculated by dividing net income/loss attributable to ordinary shareholders as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares expressed in ADS outstanding during the period.

([10]) EBITDA represents net income/loss excluding depreciation, amortization, interest expense and income tax expense and minus interest income. Adjusted EBITDA represents EBITDA excluding share-based compensation expenses and fair value change of equity investments (if any).

([11]) All numbers presented have been rounded to the nearest integer, tenth, or hundredth, and year over year comparisons are based on figures before rounding.                     

([12]) All numbers represented the financial results from continuing operations, unless otherwise stated.             

([13]) “Others” Segment primarily represents Capital business units. Results from UCargo’s legacy contracts with external customers are now reported under “Freight” segment and prior period segment information were retrospectively revised to conform to current period presentation.         

([14]) The total number of shares outstanding excludes shares reserved for future issuances upon exercise or vesting of awards granted under the Company’s share incentive plans.

([15]) Including accumulated accretion to redemption value and deemed dividend in relation to redeemable convertible preferred shares of RMB9,493,807, and accumulated loss from operations of RMB9,441,053.

([16]) Unallocated expenses are primarily related to corporate administrative expenses and other miscellaneous items that are not allocated to individual segments.

([17]) Unallocated expenses are primarily related to corporate administrative expenses and other miscellaneous items that are not allocated to individual segments.

([18]) Unallocated expenses are primarily related to corporate administrative expenses and other miscellaneous items that are not allocated to individual segments.

([19]) Unallocated expenses are primarily related to corporate administrative expenses and other miscellaneous items that are not allocated to individual segments.

([20]) Unallocated expenses are primarily related to corporate administrative expenses and other miscellaneous items that are not allocated to individual segments.

([21]) Unallocated expenses are primarily related to corporate administrative expenses and other miscellaneous items that are not allocated to individual segments.

([22]) Unallocated expenses are primarily related to corporate administrative expenses and other miscellaneous items that are not allocated to individual segments.

([23]) Unallocated expenses are primarily related to corporate administrative expenses and other miscellaneous items that are not allocated to individual segments.

Cision View original content:https://www.prnewswire.com/news-releases/best-inc-announces-unaudited-fourth-quarter-and-fiscal-year-2022-financial-results-301765733.html

Source: BEST Inc.

PR Newswire

SurplusGLOBAL Announces Executive Promotion, Recruitment, and Establishment of Equipment Technology Team

Leave a comment

SEOUL, South Korea, March 3, 2023 /PRNewswire/ — SurplusGLOBAL, the leading global platform company for pre-owned semiconductor equipment (www.SurplusGLOBAL.com), announced on the 27th a major organizational restructuring to achieve sustainable business growth until 2030.

SurplusGLOBAL announces the promotion of Jeff Kim to Managing Director(left), and the hiring of Danny Kim as Managing Director of the Global Parts Platform, Sam Yoo as Managing Director of the Sales 3 team
SurplusGLOBAL announces the promotion of Jeff Kim to Managing Director(left), and the hiring of Danny Kim as Managing Director of the Global Parts Platform, Sam Yoo as Managing Director of the Sales 3 team

SurplusGLOBAL has announced the establishment of a new equipment technology team to enhance technology development and customer support continuously. The team will focus on expanding the technical customer solutions for used semiconductor equipment and aims to assemble a group of top-level equipment engineers to provide cutting-edge customer solutions. With this latest move, SurplusGLOBAL is reaffirming its commitment to delivering world-class services to its customers.

Jeff Kim has been promoted to Managing Director. In contrast, Danny Kim and Sam Yoo joined SurplusGLOBAL as newly recruited executives in the global parts platform and semiconductor back-end equipment sales teams.

In particular, Managing Director Jeff Kim has worked at SurplusGLOBAL for over 16 years and is an equipment sales veteran with rich experience in large-scale project bidding, including back-end semiconductor equipment and front-end equipment sales in various fields.

SurplusGLOBAL appoints Managing Director Danny Kim to lead the expansion of the global parts platform business and make it the company’s primary business by 2030, addressing global parts supply chain challenges. As the new Managing Director, Sam Yoo will spearhead the back-end equipment distribution business at SurplusGLOBAL. He brings a wealth of experience in overseas marketing and supply chain management, gained during his time as a semiconductor China sales representative.

Managing Director Jeff Kim expressed, “Having served SurplusGLOBAL for the past 16 years since my joining in 2007, I am now entrusted with the responsibility of undertaking novel challenges as an executive to realize the company’s vision. Nonetheless, I remain confident we shall accomplish it collectively with our colleagues.”

SurplusGLOBAL continues to expand its equipment technology and global sales organization while entering the semiconductor equipment cluster, pursuing deeper and more diverse solutions for the global semiconductor fab and foundry supply chain in Korea and worldwide.

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/surplusglobal-announces-executive-promotion-recruitment-and-establishment-of-equipment-technology-team-301761853.html

Source: SurplusGLOBAL, Inc.

PR Newswire

Hanyun Platform from XCMG Machinery Obtains CMMI Level 5 Certification

Leave a comment

XUZHOU ,China, Feb. 25, 2023 /PRNewswire/ — Hanyun Platform from XCMG (SHE:000425; the “XCMG”) has recently passed a significant evaluation of international authoritative institutions, and successfully obtained a certificate of Capability Maturity Model Integration level 5 (“CMMI5”).

Hanyun Platform from XCMG Machinery Obtains CMMI Level 5 Certification.
Hanyun Platform from XCMG Machinery Obtains CMMI Level 5 Certification.

The CMMI is jointly developed by the United States Department of Defense, Carnegie Mellon University and the National Defense Industry Association. As one of the most prestigious certifications in the global software industry, a CMMI certification is an important indicator to measure the engineering development ability of software enterprises.

The CMMI international certification system is divided into five levels—-initial (Level 1), managed(Level 2), defined(Level 3), quantitatively managed(Level 4) and optimizing(Level 5). The higher the level, the more mature the enterprise software capability. CMMI5 is the highest level, recognized as the “ceiling” of software development capability certification in the field.

XCMG Hanyun Platform had passed CMMI3 certification as early as 2017, achieving the comprehensive integration of technology R&D and quality management with international standards. This time, the certification was valid for eight months. According to the CMMI5 model standard, the evaluation team conducted an all-round assessment of the applicable capability areas and practice areas of the Hanyun Platform through personnel interviews, on-site demonstrations and document inspection.

After some deliberation, the team agreed that the XCMG Hanyun Platform fully meets the objectives and practical requirements of the CMMI5 standard in terms of R&D capability, process organization capability and quality management level. The successful passing of CMMI5 certification is another major breakthrough of the XCMG Hanyun Platform after being selected into the Gartner Magic Quadrant. The recognition of international authoritative institutions means that the XCMG Hanyun Platform has reached the international benchmark in regard to software capability maturity, software R&D capability, service delivery and project management.

With an emphasis on innovation, the XCMG Hanyun Platform has to date played an instrumental part in some of the world’s top 500 and key enterprises, including China Railway Construction Co., Ltd., China Communications Construction Company, Power Construction Corporation of China, Jiangxi Copper Co., Ltd., and Kunming Yunnei Power Co., Ltd. As a pioneer of the Industrial Internet of Things (IIOT), it has led the way in the industry in this respect, providing digital transformation services for enterprises.

For more information about XCMG Machinery, please visit https://xcmg-usa.com/, or its pages on Facebook, Twitter, YouTube, LinkedIn and Instagram.

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/hanyun-platform-from-xcmg-machinery-obtains-cmmi-level-5-certification-301755602.html

PR Newswire

TuanChe Limited Announces Receipt of Minimum Bid Price Notice From Nasdaq

Leave a comment

BEIJING, Feb. 22, 2023 /PRNewswire/ — TuanChe Limited (“TuanChe” or the “Company”) (NASDAQ: TC), a leading integrated automotive marketplace in China, today announced that it received a notification letter dated February 17, 2023 (the “Deficiency Letter”) from the Listing Qualifications Department of The Nasdaq Stock Market Inc. (the “Nasdaq”), indicating that the Company is no longer in compliance with the minimum bid price requirement set forth in Rule 5550(a)(2) of the Nasdaq Listing Rules as the Company’s closing bid price per American depositary share (“ADS”), each representing sixteen Class A ordinary shares, par value US$0.0001 per share, of the Company, has been below US$1.00 for a period of 30 consecutive business days. The Deficiency Letter does not result in the immediate delisting of the Company’s securities.

Pursuant to Rule 5810(c)(3)(A) of the Nasdaq Listing Rules, the Company has a compliance period of 180 calendar days, or until August 16, 2023 (the “Compliance Period”), to regain compliance with Nasdaq’s minimum bid price requirement. If at any time during the Compliance Period, the closing bid price per ADS is at least US$1.00 for a minimum of 10 consecutive business days, Nasdaq will provide the Company a written confirmation of compliance and the matter will be closed.

In the event that the Company does not regain compliance by August 16, 2023, subject to the determination by the staff of Nasdaq, it may be eligible for an additional 180 calendar days compliance period if it meets the continued listing requirements for market value of publicly held shares and all other initial listing standards, with the exception of bid price requirement, of the Nasdaq Capital Market, and provides written notice to Nasdaq of its intention to cure the deficiency.

The Company intends to monitor the closing bid price of its ADSs between now and August 16, 2023 and is considering its options, including an adjustment of its ADS-to-Class A ordinary share ratio, to regain compliance with the minimum bid price requirement under the Nasdaq Listing Rules. The Company is currently in compliance with all other Nasdaq continued listing standards. The Deficiency Letter does not affect the Company’s business operations, its U.S. Securities and Exchange Commission reporting requirements or contractual obligations.

About TuanChe

Founded in 2010, TuanChe Limited (NASDAQ: TC) is a leading integrated automotive marketplace in China. TuanChe offers services to connect automotive consumers with various industry players such as automakers, dealers and other automotive service providers. TuanChe provides automotive marketing and transaction related services by integrating its online platforms with offline sales events. Through its integrated marketing solutions, TuanChe turns individual and isolated automobile purchase transactions into large-scale collective purchase activities by creating an interactive many-to-many environment. Furthermore, leveraging its proprietary data analytics and advanced digital marketing system, TuanChe’s online marketing service platform helps industry customers increase the efficiency and effectiveness of their advertising placements.

For more information, please contact ir@tuanche.com.

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Company’s business plans and development and business outlook, which can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

For investor and media inquiries, please contact:
TuanChe Limited
Investor Relations
Tel: +86 (10) 6397-6232
Email: ir@tuanche.com

The Piacente Group, Inc.
Brandi Piacente
Tel: +1 (212) 481-2050
Email: tuanche@tpg-ir.com

Cision View original content:https://www.prnewswire.com/news-releases/tuanche-limited-announces-receipt-of-minimum-bid-price-notice-from-nasdaq-301751449.html

PR Newswire

Heybike is proud to announce the launch of Tyson E-bike

Leave a comment

SAN FRANCISCO, Feb. 18, 2023 /PRNewswire/ — Heybike is proud to announce the launch of Tyson, our latest and most advanced e-bike model yet. Made from magnesium alloy with sleek, seamless lines, Tyson is designed to make a statement with its distinctive aesthetic. With a maximum speed of 28mph, hydraulic front fork suspension and disc brakes, Tyson is built to offer riders a smooth and safe experience.

Heybike is proud to announce the launch of Tyson E-bike
Heybike is proud to announce the launch of Tyson E-bike

Tyson is equipped with a 4A fast charger that saves you time and energy, and its 48V/15AH large-capacity battery offers a maximum cruising range of 40 miles in pure electric mode and 55 miles in pedal-assisted mode. The detachable battery uses Samsung battery core technology, ensuring reliability and performance.

Tyson is also designed with convenience in mind, with its foldable design allowing it to be easily transported and stored in a small space. The adjustable stem and seat make it suitable for riders of all sizes, and the Shimano 7-speed gears provide ample power for climbing hills or reaching top speeds.

With Bluetooth and 4G capabilities, Tyson allows you to stay connected and informed while you ride. The mobile app lets you monitor your e-bike’s location, mileage, and navigation, and the 4G function provides stable signals even when you’re away from the city.

We’re excited to offer Tyson at an exclusive pre-sale price of $1,699 from March 1st, with three colors to choose from – black, green, and blue. Visit heybike.com to learn more about Tyson and our commitment to providing the best riding experience for all.

But that’s not all, Tyson is not just a high-performance e-bike, it is also environmentally friendly and energy-efficient. With its electric motor, Tyson eliminates the need for fossil fuels and reduces the carbon footprint, making it the perfect choice for environmentally conscious riders. The pedal-assisted mode also offers an efficient way to exercise and keep fit, as well as reducing the strain on the electric motor and increasing the battery life.

At Heybike, we’re dedicated to providing our riders with the best riding experience possible. That’s why we’ve equipped Tyson with a 7-inch TFT touch screen that displays important information such as speed, battery life, and riding mode. The screen is also adjustable, allowing riders to choose the best viewing angle and ensuring they never miss a beat while they’re on the move.

In addition to its advanced features, Tyson is also designed with safety in mind. The hydraulic front fork suspension provides a smooth and stable ride, while the disc brakes offer excellent stopping power. The built-in lights provide extra visibility, making it easy to see and be seen, especially in low light conditions.

About Heybike ® Electric Bikes

Heybike is committed to bringing innovations to the marketplace and expanding product lines to meet the needs of its customers, fostering a lifestyle that brings people together and makes travel easy. For more information on Heybike’s latest products and to stay up to date on news from the company, visit heybike.com and follow the brand on Twitter, Instagram, Facebook, and YouTube. To test ride the Heybike or learn more, visit your local dealer.

Tyson: https://www.heybike.com/products/tyson?variant=43849907896539
Local Dealer: https://www.heybike.com/pages/heybike-electric-bike-shop-dealer-locator
Instagram: https://www.instagram.com/heybike_official/
Youtube：https://www.youtube.com/@HeyBike

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/heybike-is-proud-to-announce-the-launch-of-tyson-e-bike-301748495.html

PR Newswire

Mitchell 1 Applauded by Frost & Sullivan for Enabling Fleet Maintenance for All Types of Trucks with Its Automotive Diagnostic and Repair Software

Leave a comment

Mitchell 1’s TruckSeries software offers excellent application coverage and more frequent updates than competing solutions.

SAN ANTONIO, Feb. 15, 2023 /PRNewswire/ — Frost & Sullivan recently researched the medium/heavy truck aftermarket industry and, based on its findings, recognizes Mitchell 1 with the 2023 North American Technology Innovation Leadership Award. The company is North America’s top diagnostic and repair software supplier for automotive service shops, including large truck fleets and repair shops. Mitchell 1’s software suite provides calibration information for advanced driver assistance systems (ADAS), a growing and lucrative source of revenue for independent repair shops. The company supplies detailed data to fleets and maintenance/repair shops for all medium and heavy truck brands serviced in the aftermarket, making it the preferred solution provider.

Mitchell 1’s TruckSeries repair solution provides diagnostics to large fleets and repair shops, covering all makes and models of medium and heavy trucks. Apart from its updated ADAS repairs, TruckSeries features new wiring diagrams that help independent service providers compete with dealers on complex repairs. Dependence on TruckSeries increased in 2022 after 2 years of business closures, driver shortages, and supply chain disruptions, showcasing its importance in the medium and heavy truck aftermarket industry, particularly for fleet owners and independent service providers.

Stephen Spivey, program manager at Frost & Sullivan, observed, “Mitchell 1 employs dedicated content editors to continuously upload information about new repairs into TruckSeries and its other software solutions. Its in-house experts can quickly address complex repair questions for all truck types. Software companies or truck manufacturers cannot provide this degree of information across all vehicle platforms to service professionals in the aftermarket.”

Mitchell 1’s software solution competes with truck manufacturers and smaller software solutions that lack its amount of data and level of expertise. The company supports different aftermarket industry customers, outperforming its OEM sector competitors that develop software support only for the trucks they manufacture. The company’s aftermarket industry focus and superior customer service support TruckSeries, which is increasing its usership faster than competing software solutions. More and more fleets will migrate to the independent aftermarket (IAM) sector, where Mitchell 1 is the leader.

“Mitchell 1’s TruckSeries developers and product managers are also automotive and truck enthusiasts, and work directly with customers to continually improve the product. This allows them to provide superior customer service compared to other aftermarket software solutions,” added Spivey.

With its strong overall performance, Mitchell 1 earns the 2023 North American Technology Innovation Leadership Award in the North American medium/heavy truck industry. Each year, Frost & Sullivan presents this award to the company that has developed a product with innovative features and functionality that is gaining rapid acceptance in the market. The award recognizes the quality of the solution and the customer value enhancements it enables.

Frost & Sullivan Best Practices awards recognize companies in various regional and global markets for demonstrating outstanding achievement and superior performance in leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analyses, and extensive secondary research to identify best practices in the industry.

About Frost & Sullivan
For six decades, Frost & Sullivan has been world-renowned for its role in helping investors, corporate leaders, and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models, and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion.

Contact:
Claudia Toscano
P: 1.956.533.5915
E: claudia.toscano@frost.com

About Mitchell 1
As a member of the Snap-on® TOTAL SHOP SOLUTIONS brand family, Mitchell 1 has been a leading provider of repair information solutions to the motor vehicle industry for more than 100 years. Mitchell 1 offers a complete line of integrated repair software and services, including vehicle repair information, business management and shop marketing services, to help commercial truck and automotive professionals improve productivity and profitability. For more information, visit the company’s website at mitchell1.com

Contact:
Janet Dayton
P: 1.858.391.5251
E: janet.dayton@mitchell1.com

PR Newswire

Magicycle Unveiled the World’s First Step Through Full Suspension Ebike

Leave a comment

ONTARIO, Calif., Feb. 15, 2023 /PRNewswire/ — After waiting for 2 months, Magicycle Deer, the mysterious full-suspension electric bike manufactured by Magicycle, finally made its world debut on the impressive product launch Livestream on February 1st, 2023, at 8:00 AM PST.

The first full suspension step thru ebike suv
The first full suspension step thru ebike suv

The Livestream was a great success for Magicycle as it had thousands of viewers watching this Live. Yao, the permanent host of Magicycle, was hosting the Livestream with passion and excitement as he is always a huge fan of Magicycle Deer. During that period, Magicycle had given away lots of accessories to thank its fans and customers for their support and love. More surprisingly, Magicycle even gave away a Magicycle Deer free of any charge.

Arguably, most viewers of this product launch were coming for Magicycle Deer. This is an all-terrain electric bike with technological breakthroughs from the Magicycle design team.

As a full-suspension electric bike, Magicycle has created Magicycle Deer to meet the needs of this growing electric bike market. It is quite obvious to see that the model of full-suspension ebike is getting more and more attention, especially for those who are chasing both comfort and performance. The full-suspension system on Deer is hydraulic, which means that the shock-absorbing capability is far better than those of regular ebike suspensions. Contributed by the excellent Magicycle design team, the Magicycle Deer full-suspension ebike is capable of adjusting the distance between the frame and the ground. It can easily traverse varying degrees of rough terrain.

The full-suspension system is one of many parts that are worth mentioning. As the title says, Magicycle Deer is the world’s first step thru full suspension ebike on the market. By far, no other brand makes a step-thru full-suspension ebike other than Magicycle. The design of the seat post triangle structure makes the front triangle, the middle tube, the rear shock absorber, and the rear rocker arm much more sturdy and stable, ensuring the comprehensiveness of the entire shock absorbing system. For people who may be a little bit short to ride a full-suspension electric bike, the step-thru version of the Magicycle Deer could be more friendly.

What makes this full-suspension ebike more outstanding is that it also serves as an ebike suv. “Ebike suv” is a new term that is unknown to most riders. It stands for a comprehensive ebike model that has all kinds of characteristics, including more comfort and power, longer range, large load capacity, etc. It is not difficult to see that the manufacturing of Magicycle Deer is inspired by real suv vehicles.

Magicycle Deer ebike suv has a motor that can reach an average output of 750W and a maximum output of 1100W. Like a real off-road suv vehicle, Magicycle Deer is capable of riding off-road wildly with this powerful motor.

As an Ocelot Pro or a Cruiser Pro, which are ebikes from Magicycle as well, Magicycle Deer comes with a 52V 20Ah. The 52V 20Ah battery is the reason why Magicycle can succeed in the ebike industry. 20 Ah battery capacity provides a long-range between 60 – 80 miles, which is long enough to take a long trip. Everyone can enjoy a long trip on Magicycle Deer. Moreover, the 52V voltage contributes to higher power efficiency.

As an ebike suv, Magicycle Deer is specially designed to carry cargo. Its rear rack is made to be longer and more sturdy, helping riders put more stuff on an ebike. The load capacity of the suv ebike is incredibly 400 lbs, enabling heavy riders to enjoy ebike riding as any other people.

For smooth handling, Magicycle equips Deer with a pair of hydraulic disc brakes. They allow riders to use only 2 fingers to brake and get strong braking power. In some urgent situations, hydraulic disc brakes can make a huge difference. The handlebar of Deer is made to be in a butterfly shape to relieve the fatigue of the whole body while taking a long ride.

Being the world’s first step thru full suspension electric bike for adults and the first suv ebike in the US, Magicycle Deer has brought a bunch of surprises for all kinds of riders. Now It is available at $2,699. By using the code FH300, you could get $300 off. Had better hurry up as it is a limited offer, come check out the link below:

https://www.magicyclebike.com/category/magicycle-deer

Magicycle Facebook Group: https://www.facebook.com/groups/415432329844739

Magicycle YouTube Channel: https://www.youtube.com/@MagicycleBike

The First Full Suspension Ebike SUV: https://www.youtube.com/watch?v=g2A6ub_RMHo

Media enquiries:
marketing@magicyclebike.com

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/magicycle-unveiled-the-worlds-first-step-through-full-suspension-ebike-301747107.html

PR Newswire

Via closes financing round at $3.5B valuation, raising $110M to expand TransitTech portfolio

Leave a comment

Strong demand for Via’s software drives rapid growth

NEW YORK, Feb. 13, 2023 /PRNewswire/ —  Via, the global leader in TransitTech, today announces it has closed a financing round led by 83North, with participation from new and existing investors including Exor N.V., Pitango, Janus Henderson, CF Private Equity, Planven Entrepreneur Ventures, Riverpark Ventures, and ION Crossover Partners. The round values Via at $3.5B, at the same price per share as the company’s previous financing in November of 2021. Via intends to use the funding to expand its product suite and further its vision of providing the end-to-end digital infrastructure for public mobility.

The funding comes on the heels of a year of strong performance for Via, as cities and transit agencies across the globe increasingly turned to digital solutions to improve the efficiency of their transportation systems. The company ended 2022 ahead of plan, with annualized revenue run-rate surpassing $200M, more than doubling since the previous financing round.

Via’s TransitTech products are used by more than 600 communities around the globe to expand access to efficient, equitable, and sustainable public transportation. The company’s technology enables customers to plan transit networks that are responsive and resilient to rapidly changing needs, to operate smart multi-modal transportation systems, and to use data to optimize performance — all in one software platform.

“We have known Daniel, Oren, and the Via team for many years now. Their ability to maintain rapid growth year over year, and to continue to innovate and deliver for their customers is unique,” said Arnon Dinur, Partner at 83North. “We believe in the company and the category, and are delighted to support Via in the future opportunities this funding will bring.”

“Via is a rare combination of a company that has a profound impact on the communities it serves while also generating attractive unit economics at scale,” said John Elkann, CEO of Exor N.V. “Daniel and his team are building a great company and as a major shareholder we are committed to supporting the company in this next stage of growth.”

“This financing is an exciting milestone for Via and a reflection of the power that technology has to transform transit in communities around the world,” said Via co-founder and CEO Daniel Ramot. “Access to transit improves health, education, and economic outcomes, and all of us at Via are inspired every day to see the positive impact our customers have achieved by adding technology to their transit networks. The growth of the TransitTech market in recent years has been truly remarkable, and we are proud of the contributions we have made to create and expand the category”

In support of its vision to be the operating system for every aspect of public mobility, Via plans to use the funding to accelerate expansion into new markets and verticals, and to continue to invest in product innovation.

 About Via:
Founded in 2012, Via pioneered the TransitTech category by using new technologies to develop public mobility systems — optimizing networks of buses, shuttles, wheelchair accessible vehicles, school buses, autonomous vehicles, and electric vehicles around the globe. Building the world’s most efficient, equitable, and sustainable transportation network for all riders — including those with limited mobility, those without smartphones, and unbanked populations — Via works with its partners to lower the costs of public transit while providing transportation options that rival the convenience of a personal car while reducing the environmental impact. At the intersection of transportation and technology, Via is a visionary market leader that combines software innovation with sophisticated service design and operational expertise to fundamentally improve the way the world moves, providing technology in 600 communities and more than 35 countries and counting.

PR Newswire

New market update: February 2023

Leave a comment

Concordia Maritime has published a new market update

GOTHENBURG, Sweden, Feb. 3, 2023 /PRNewswire/ — The report is available at www.concordiamaritime.com. In addition to commentary from CEO Erik Lewenhaput, it also contains data and statistics regarding both tanker rates, ship values and the development of the global product tanker fleet, as well as data about the demand for oil and development of inventory levels.

For more information, please contact:
Erik Lewenhaupt 
CEO, Concordia Maritime AB  
0704-855 188 
erik.lewenhaupt@concordiamaritime.com

The following files are available for download: